Steel prices boost ArcelorMittal

The world's largest steel firm, ArcelorMittal, has seen quarterly profits jump thanks to high steel prices and demand from new markets.
Net income hit $3bn (£1.44bn) for the three months to 30 September - a 36% rise on the same period a year earlier.
Despite the strong figure, the firm warned of lower sales in the fourth quarter in Europe and North America.
Mittal acquired Arcelor for 30bn euros in 2006, creating a firm with a 10% share of the world steel market.
Cost savings achieved since the merger reached $1.3bn in the third quarter and are expected to hit $1.4bn by the end of the year, the firm said.
Since the merger, ArcelorMittal has been expanding its reach through further acquisitions, most recently by announcing its purchase of Estonian steel firm Galvex.
Last week, mining giant BHP Billiton approached rival Rio Tinto with a takeover proposal that would create a company that controlled about 27% of the world market for iron ore.
Such a move is expected to lead to competition concerns from the steel industry. However, ArcelorMittal said its own investments in iron ore would help its position.
"We have effectively a better position than many other steel companies," an ArcelorMittal spokesman said.

http://news.bbc.co.uk